Walleye Capital LLC Takes Position in Karat Packaging Inc. $KRT

Walleye Capital LLC acquired a new position in shares of Karat Packaging Inc. (NASDAQ:KRT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,447 shares of the company’s stock, valued at approximately $684,000. Walleye Capital LLC owned 0.10% of Karat Packaging as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Clearstead Advisors LLC raised its position in shares of Karat Packaging by 188.8% during the 4th quarter. Clearstead Advisors LLC now owns 1,493 shares of the company’s stock worth $34,000 after purchasing an additional 976 shares during the last quarter. CWM LLC raised its holdings in shares of Karat Packaging by 61.5% during the fourth quarter. CWM LLC now owns 2,651 shares of the company’s stock valued at $60,000 after acquiring an additional 1,010 shares during the last quarter. Quarry LP purchased a new position in shares of Karat Packaging in the third quarter valued at approximately $70,000. Deutsche Bank AG boosted its stake in shares of Karat Packaging by 142.8% in the fourth quarter. Deutsche Bank AG now owns 3,861 shares of the company’s stock worth $87,000 after acquiring an additional 2,271 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Karat Packaging during the fourth quarter worth approximately $122,000. Institutional investors and hedge funds own 25.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Karat Packaging from a “hold” rating to a “buy” rating in a report on Saturday. Bank of America increased their price objective on shares of Karat Packaging from $23.00 to $34.00 and gave the company an “underperform” rating in a report on Tuesday, July 14th. Lake Street Capital reissued a “buy” rating and set a $39.00 price objective on shares of Karat Packaging in a research note on Friday, May 8th. The Goldman Sachs Group downgraded Karat Packaging to a “neutral” rating in a research note on Thursday, June 4th. Finally, William Blair raised shares of Karat Packaging from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Karat Packaging has a consensus rating of “Hold” and an average target price of $36.50.

Karat Packaging Stock Up 0.2%

Shares of NASDAQ:KRT opened at $47.91 on Friday. The company has a market capitalization of $954.85 million, a price-to-earnings ratio of 19.16, a PEG ratio of 2.07 and a beta of 0.82. Karat Packaging Inc. has a 12-month low of $20.61 and a 12-month high of $50.81. The business has a 50-day moving average price of $36.49 and a 200 day moving average price of $30.20. The company has a current ratio of 2.25, a quick ratio of 1.15 and a debt-to-equity ratio of 0.13.

Karat Packaging (NASDAQ:KRT) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $1.01. The business had revenue of $136.30 million for the quarter, compared to the consensus estimate of $135.46 million. Karat Packaging had a net margin of 10.18% and a return on equity of 30.62%. Sell-side analysts expect that Karat Packaging Inc. will post 1.78 EPS for the current year.

Karat Packaging Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 21st will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from Karat Packaging’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 21st. Karat Packaging’s dividend payout ratio (DPR) is presently 72.00%.

About Karat Packaging

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.